The Internet of Things (IoT) Healthcare Market has been analyzed to grow fast during the period from 2017 to 2025.
What Are the Driving Factors for the IoT Healthcare Market?
- Increasing amount of investments for the betterment of healthcare sector
- Rising demand for advanced solutions for easy monitoring
- Use of IoT solutions also reduces the overall operational cost
- Increasing proliferation of connected devices
- Increasing demand for management of huge data
- Growing concern for data security and patient monitoring in a proficient way
|By Component||System and Software, Services and Hardware|
|By Technology||Bluetooth Low Energy (BLE), Wi-Fi, Zigbee, Near Field Communication (NFC), Cellular, Others|
|By Application||Clinical Operations And Workflow Management, Telemedicine, Inpatient Monitoring, Connected Imaging, Medication Management and Others|
|By Regions||North America, Asia-Pacific, Europe, Middle East & Africa and Latin America|
|The U.S.||Microsoft Corporation, Honeywell Life Care Solutions, Cisco Systems, Inc., Stanley Healthcare, International Business Machines Corporation, Qualcomm Life, Inc.|
|The Netherlands||Koninklijke Philips N.V.|
|The U.K.||GE Healthcare|
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IoT Healthcare Market - Introduction
The global IoT Healthcare market is expected to grow rapidly during the forecast period 2017 to 2025. In the IoT Healthcare market report, the market is segmented based on component, technology, application, and region. The internet of things (IoT) has widespread applications in healthcare domain. Smart sensors, medical device integration along with remote monitoring are some the prime applications of IoT. The application of IoT in healthcare is one of the major revolutionary steps towards healthcare treatment through remote patient monitoring and simplifying access to real-time patient data than conventional paper-based techniques. The impending demand and growing consciousness towards better diagnostics and targeted therapeutic tools are acting as a driving factor for the market globally.
|Base Year of Estimation||2016|
|Value Estimation Year||2017|
|Forecast Period||2017 - 2025|
|Market Segmentations||By Component, Technology, Application, Regions|
|Regional Scope||North America, Asia-Pacific, Europe, Middle East & Africa and Latin America|
|Report Coverage||Market Dynamics, Segmentation Overview and Competitive Landscape of the market|
Increasing investment towards the betterment of healthcare sector along with rising demand for advanced solutions for easy monitoring is one of the prime driving factors for the market globally. Implementation of IoT solutions also reduces the overall operational cost which is beneficial for the whole healthcare system.Moreover, increasing proliferation of connected devices is another major factor fueling the application of IoT in healthcare sector globally. Increasing demand for handling huge data and rising concern towards data security and patient monitoring in a more efficient way is growing the IoT healthcare market size globally.
Integration of Internet of Things (IoT) has increased its scalability and operating capability. Real-time analysis of data through IOT integration has decreased the operational time along with increased the efficiency of the whole system which is identified as the major driving factor for the market. Hospitals are using internet of things to optimize surgical workflow which boosts patient satisfaction. Furthermore, internet of things also plays an important role in inventory management, workflow optimization and medical device integration, which is some of the key driving factors for the market globally.
Complex set up the process, high installation and development cost and lack of competence in deploying IoT solutions are some of the major restraining factors for the market which may inhibit the growth over the forecast period. Increasing demand for Internet of Things (IoT) in the healthcare sector in emerging and developing economies is identified as major opportunities which will drive the future growth of the market.
Market Segmentation Overview
By component, the IoT Healthcare market is segmented into system and software, services and hardware. In the component segment, systems and software are leading the market. IoT healthcare systems and software are used in different medical centers, government and defense institutions, hospitals, clinics, surgical centers, clinical research organizations (CRO), and research and diagnostics laboratories. By technology, the market is segmented into Bluetooth low energy (BLE), Wi-Fi, zigbee, near field communication (NFC), cellular and others. By application, the IoT healthcare market is segmented into clinical operations and workflow management, telemedicine, inpatient monitoring, connected imaging, medication management and others. The inpatient monitoring is one of the prime application segments of the internet of things.
By geography, the market has been segmented into Asia-Pacific, North America, Middle East & Africa (MEA), Europe and Latin America. In terms of revenue, North America accounted for the largest market share of the IoT healthcare market, followed by Europe.
Major companies operating in the IoT healthcare market are Honeywell Life Care Solutions (The U.S.), Koninklijke Philips N.V. (The Netherlands), Medtronic PLC (Ireland), Cisco Systems, Inc. (The U.S.), GE Healthcare (The U.K.), Stanley Healthcare (The U.S.), International Business Machines Corporation (IBM) (The U.S.), SAP SE (Germany), Microsoft Corporation (The U.S.) and Qualcomm Life, Inc. (The U.S.) among others.
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